1. 2009 Barclays Capital
Industrial Select
Conference
February 11, 2009
Mary Lehmann
Sr. VP, Strategic Initiatives, and Treasurer
1

2. Forward-Looking Statements
This presentation contains statements relating to future results of the company (including certain projections and business
trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “are likely
to be,” “will” and similar expressions. There are risks and uncertainties relating to the planned disposition of the Body Systems
and Chassis Systems businesses of ArvinMeritor’s LVS business, including the timing and certainty of completion and the terms of
any transaction or transactions. In addition, actual results may differ materially from those projected as a result of certain risks
and uncertainties, including but not limited to global economic and market cycles and conditions, including the recent global
economic crisis; whether our liquidity will continue to be affected by declining vehicle production volumes; the financial condition
of the company’s suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of
normal trade credit terms by our suppliers; the ability of the company to continue to comply with covenants in its financing
agreements; the ability of the company to access capital markets; credit ratings of the company’s debt; continued decline in the
price of our common stock on the NYSE; the demand for commercial, specialty and light vehicles for which the company supplies
products; risks inherent in operating abroad (including foreign currency exchange rates and potential disruption of production
and supply due to terrorist attacks or acts of aggression); availability and sharply rising cost of raw materials, including steel and
oil; OEM program delays; demand for and market acceptance of new and existing products; successful development of new
products; reliance on major OEM customers; labor relations of the company, its suppliers and customers, including potential
disruptions in supply of parts to our facilities or demand for our products due to work stoppages; potential difficulties competing
with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; successful integration
of acquired or merged businesses; the ability to achieve the expected annual savings and synergies from past and future
business combinations and the ability to achieve the expected benefits of restructuring actions; success and timing of potential
divestitures; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax
assets; competitive product and pricing pressures; the amount of the company’s debt; the outcome of existing and any future
legal proceedings, including any litigation with respect to environmental or asbestos-related matters; the outcome of actual and
potential product liability and warranty and recall claims; rising costs of pension and other post-retirement benefits and possible
changes in pension and other accounting rules; as well as other risks and uncertainties, including but not limited to those
detailed from time to time in filings of the company with the SEC. These forward-looking statements are made only as of the
date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result
of new information, future events or otherwise, except as otherwise required by law.
All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its
fiscal quarters end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the
company's fiscal year and fiscal quarters, unless otherwise stated.
2

3. Globally Diverse Business Portfolio
2008 Sales – $7.2 Billion
CVS
LVS Body
South
Europe
America
75%
12%
Asia
Pacific
10%
North
America North
LVS Chassis
46% America
Europe 75%
32%
South North
Wheels America America
45% 50%
3

4. Q1 Highlights
• CVS and Wheels met the milestones we indicated in December
• Total company sales of $1,370 million, down 18%
– Down 11% on a constant-currency basis
– CVA and Specialty both posted sales gains
• Reported a loss of $0.77 per share from continuing operations
before special items (1)
• GAAP results include non-cash charges:
– $665 million valuation reserve for certain deferred tax assets
– $279 million LVS goodwill, fixed asset and other impairments
• Cash outflow from operations net of capital expenditures of $386
million
• Additional cost reductions expected to raise FY 2009 savings to a
total of $165 million for CVS and $82 million for LVS
(1) GAAP diluted earnings per share from continuing operations were $(13.71); see Appendix – “Non-GAAP
Financial Information”
4

5. First Quarter Income Statement from
Continuing Operations – Before Special
Items(1)
(in millions, except per share amounts) Three Months Ended December 31,
Better/(Worse)
2008 2007
$ %
Sales $ 1,370 $ 1,663 $ (293) -18%
Cost of Sales (1,297) (1,533) 236 15%
Gross Margin 73 130 (57) -44%
SG&A and other (100) (92) (8) -9%
Operating Income (Loss) (27) 38 (65) -171%
Equity in Earnings of Affiliates 4 11 (7) -64%
Interest Expense, Net and Other (22) (27) 5 19%
Income (Loss) Before Income Taxes (45) 22 (67) -305%
Benefit from/(Provision for) Income Taxes (8) (13) 5 38%
Minority Interests (3) (3) - 0%
Income/(Loss) from Continuing Operations $ (56) $ 6 $ (62) -1033%
Diluted Loss Per Share
Continuing Operations $ (0.77) $ 0.08 $(0.85) -1063%
5 (1) See Appendix – “Non-GAAP Financial Information”

6. Q1 Segment EBITDA Before Special
Items(1)
Three Months Ended December 31,
(in millions)
Better/(Worse)
2008 2007 $ %
EBITDA
Commercial Vehicle Systems $ 52 $ 71 $ (19) -27%
Light Vehicle Systems (41) 12 (53) -442%
Segment EBITDA 11 83 (72) -87%
Unallocated Corporate Costs (1) (1) - 0%
Total EBITDA $ 10 $ 82 $ (72) -88%
EBITDA Margins
Commercial Vehicle Systems 5.4% 6.6% -1.2 pts
Light Vehicle Systems -9.9% 2.1% -12.0 pts
Segment EBITDA Margins 0.8% 5.0% -4.2 pts
Total EBITDA Margins 0.7% 4.9% -4.2 pts
(1) See Appendix – “Non-GAAP Financial Information”
6

7. Timeline of Refocusing and Cost Actions
2006 2007 2008 2009
Completed sale of Announced details of Implemented
last piece of LVA; Performance Plus pay cuts, no
realized proceeds initiative, including merits and
significantly targeted savings of discontinuation
greater than if sold $75 million in 2008 of 401k
as a whole (achieved) matching
Announced
Announced Completed sale Announced austerity
Announced
elimination of
creation of of Emissions actions incremental to
intention to
LVS divisional
Performance Technologies Performance Plus
separate CVS
organization and
Plus profit for total ($70 mil. structural,
and LVS
further
improvement consideration of $55 mil. var. labor)
businesses
headcount
initiative $310 million
reductions
Constant Purpose and Firm Resolve
7

8. 2009 Cost Reductions(1)
FY 2009 Savings (Millions) CVS LVS
What has
changed to
$ 25
Performance Plus $ 50
allow ARM
to clear
October Austerity Actions
covenant
levels at
6
- Variable Labor 50
lower
volumes?
- Other Actions 19
30
Actions Taken in January 32
35 This row.
Total $ 165 $ 82
Memo: Total at Annual Run-Rate $ 225 $ 110
(1) Cost reductions represent expected savings based on current information and management’s best estimates
8

9. SG&A and Headcount
2009
FY 2009 Headcount Reduction
SG&A Expense
B/(W)
Actions Taken to Date
(Millions)
2008
CVS N.A. Plants 302
LVS Stand-alone Costs $ (7)
Vacation Policy and CVS Europe Plants 1,023
(10)
Other Employee Related
Q1 Salaried Reduction
135
Other CVS & Corporate 9 in Force
LVS January Actions 100
Total $ (8)
Total 1,560
9

10. Free Cash Flow(1)
Quarter Ended
December 31,
(In millions)
2008 2007
Pretax Income (Loss) from Continuing Operations $ (356) $ 12
Impairments 279 -
Net Spending (D&A less Capital Expenditures) (16) (2)
Pension and Retiree Medical Net of Expense 1 4
USW Settlement (28) -
Customer Settlement (25) -
Performance Working Capital (2) (185) (352)
Off Balance Sheet Securitization and Factoring (4) 115
Other, including Restructuring (51) (78)
Free Cash Flow from Continuing Ops. $ (385) (301)
Discontinued Operations (1) (4)
Free Cash Flow $ (386) $ (305)
(1) See Appendix – “Non-GAAP Financial Information”
(2) Change in payables less changes in receivables, inventory and customer tooling
10

11. Cash Flow and Working Capital
Working Capital Seasonality Receivables Lag Payables
300
2007
200 2008
2009
100
0
(100)
(200) Sales Inventory/ Receivables
Payables
(300)
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Inventory Off-Bal. Sheet Rec. Sales
• The majority of CVS Europe receivables
• In addition to a normal lag effect,
have been sold without recourse
inventory was affected by very late
changes to production schedules • As sales fall, there is no benefit to free
cash flow (as defined by the company)
• As a result, we were unable to plan
for these sold receivables
inventory effectively at the end of the
quarter • Net of off-balance sheet securitization,
working capital will not be a source of
cash in fiscal Q2
• However, balances in off-balance sheet
securitization will fall
11

12. Vehicle Production Scenarios(1) (2009 FY)
YOY YOY
Commercial
(000) Percent Light Vehicle (Millions) Percent
Vehicle
Change Change
North America
140 North America
(27)% 9.2 (32)%
Class 8
Europe Medium &
305 Total Europe
(46)% 16.5 (26)%
Heavy
South America
115 South America
(27)% 3.5 (12)%
Medium & Heavy
• Managing the company to these levels
• At these levels, expect to have adequate liquidity to be in
compliance with all debt covenants
(1) Production levels are provided for the purposes of this example only and are not intended to represent the
Company’s production assumptions. The Company is unable to estimate full-year industry production at this time.
12

13. New in the Q
• Valuation allowances against deferred tax assets were for
wholly-owned operations in the U.S., France, Germany
and Sweden
• Cash restructuring was $12 million in the quarter and is
expected to be $65 million for the year
– Restructuring reserves were $42 million at Dec. 31
• Weighted average borrowing rate on U.S. securitization
program was 4.9% at Dec. 31
• Securitization costs were $4 million in the quarter
13

14. Factoring and Securitization Balances
Likely
Uncommitted
Committed
On-Balance Sheet Used
Direction
(1) (1)
U.S. Facility $ 175 $- $ 93
Likely
Committed Uncommitted
Off-Balance Sheet Used
Direction
(1) (1)
Swedish Facility $ 175 $- $ 168
French Facility 175 - 152
Other - 206 86
Total $ 350 $ 206 $ 406
(1) Constrained by eligible receivables
14

15. CVS Regional Sales
Change at Medium &
Sales
FY 2009 Q1 Change constant Heavy Truck
($million)
Exchange Production
North America $ 517 12 % 13 % (16) %
Europe 277 (32)% (19)% (30) %
South America 95 7% 25 % (9) %
Asia-Pacific 67 (45)% (36)% N/A
Total $ 956 (11)% (4)%
15

16. CVS Sales Decline in Q1 Less than Industry
30% YOY Change in Truck
Production
20%
Sales Change at
Constant Exchange
10%
0%
-10%
-20%
-30%
North America South America Europe
How? • Aftermarket
• Aftermarket • Share
• Steel
• Military • Content per
recoveries
vehicle
• Steel
recoveries
16

17. LVS Regional Sales
Change at
Sales Light Vehicle
FY 2009 Q1 Change constant
($million) Production
Exchange
North America $ 145 (29)% (25)% (24) %
(25) %
Europe 174 (32)% (23)%
(20) %
South America 71 (20)% (17)%
Asia-Pacific 24 (33)% (42)% N/A
Total $ 414 (29)% (24)%
17

18. LVS Divestiture Update
• Executed January cost reductions with a 2009 FY
impact of $32 million
– 100 positions eliminated in January
– Eliminated LVS divisional organization
– Resizing and flattening Body and Chassis organizations
• Execute Body strategy
– Demonstrate cost efficiencies
– Pursue a sale when acceptable returns for shareholders
can be achieved
• Execute Chassis strategy
– Demonstrate cost efficiencies
– Pursuing multiple actions to divest on a timely basis
18

19. Frequently Asked Questions
• Why treat Body and Chassis differently?
• Why not just close LVS?
• Why are steel prices suddenly a problem for LVS?
• Do you expect federal bail-out funds for suppliers?
• What will your cash taxes be?
• What are your intentions for the debt maturity next
week?
19

20. Appendix
20

21. New Business Wins – Military Vehicles
• Nov. 12: BAE awarded 8,400 more FMTVs (Family of Medium Tactical Vehicles)
• Dec. 11: Navistar Defense awarded 400 more MaxxPro Dash vehicles for U.S.
in addition to 822 previously awarded and delivered by end-January
• Jan. 9: Navistar Defense awarded 1,300 Medium Support Vehicles for
Canadian military
• Jan. 15: Navistar Defense awarded 600 WorkStar variants for U.S. forces in Iraq
Upcoming Opportunities
• MRAP All-Terrain Vehicle
– Large program with award expected in April/May
– Existing MRAP suppliers well positioned
• Joint Light Tactical Vehicle
– On two of the three bids initially chosen to advance (pending GAO review)
21

22. CVS Margins vs. Prior Year
EBITDA Margin Before Special Items(1)
Segment
EBITDA
Margin
FY 2008 Q1 6.6%
Europe medium & heavy truck production volume (1.8)
Asia/Pacific production volume (0.7)
Specialty and Aftermarket volume and mix 1.2
All other volume and mix (0.6)
Performance Plus and other cost savings 1.5
2008 benefit for vacation policy change (0.9)
Other 0.1
FY 2009 Q1 5.4%
(1) ArvinMeritor uses EBITDA as the primary basis for the chief operating decision maker to evaluate the performance of
each of the company’s reportable segments. See slide 12 and the appendix for consolidation and comparison to GAAP
measures. EBITDA margin equals EBITDA divided by sales.
22

23. LVS Margins vs. Prior Year
EBITDA Margin Before Special Items(1)
Segment
EBITDA
Margin
FY 2008 Q1 2.1%
Lower global production volume (5.7)
Stand-alone corporate costs put in place for planned spin (1.7)
Performance Plus and other cost savings 1.2
Steel and other raw material economics, net of pass-thru (2.9)
Foreign exchange (1.0)
Other (1.9)
FY 2009 Q1 (9.9)%
(1) ArvinMeritor uses EBITDA as the primary basis for the chief operating decision maker to evaluate the performance of
each of the company’s reportable segments. See slide 12 and the appendix for consolidation and comparison to GAAP
measures. EBITDA margin equals EBITDA divided by sales.
23

24. Recent Actions to Strengthen
Liquidity
• Renewed on- and off-balance sheet receivables
securitization facilities
• Increased ability to repatriate cash to the U.S. and
Europe
• Implemented cash-friendly cost saving actions
– Negotiated needed savings for at-risk plants
– Reduced salaries and benefits
– Significantly reduced discretionary spending
– Implemented capital expenditure restrictions
• Suspended quarterly dividends on common stock
24

25. Revolving Credit Line Covenants
≤
• Senior secured debt to TTM EBITDA Limit
TTM Adj. EBITDA as Reported • 2.5x through
• Include U.S. Securitization
Revolver Mar. 31, 2009
borrowings only Interest
• 2.0x thereafter
• Include Off-Balance Sheet
• Measured only
Factoring and Securitization
once per
Costs
quarter
• Include cash special items
• Capital expenditures ≤ $210 million annually
25

26. Use of Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”) included
throughout this presentation, the Company has provided information regarding income from continuing operations and diluted
earnings per share before special items, which are non-GAAP financial measures. These non-GAAP measures are defined as reported
income or loss from continuing operations and reported diluted earnings or loss per share from continuing operations plus or minus
special items. Other non-GAAP financial measures include “EBITDA” and “free cash flow”. EBITDA before special items is defined as
earnings before interest, taxes, depreciation and amortization, and losses on sales of receivables, plus or minus special items. Free
cash flow represents net cash provided by operating activities less capital expenditures.
Management believes that the non-GAAP financial measures used in this presentation are useful to both management and investors in
their analysis of the Company’s financial position and results of operations. In particular, management believes that free cash flow is
useful in analyzing the Company’s ability to service and repay its debt. EBITDA is a meaningful measure of performance commonly
used by management, the investment community and banking institutions to analyze operating performance and entity valuation.
Further, management uses these non-GAAP measures for planning and forecasting in future periods. The company uses EBITDA as
the primary basis for the chief operating decision maker to evaluate the performance of each of the company’s reportable segments.
These non-GAAP measures should not be considered a substitute for the reported results prepared in accordance with GAAP. Free
cash flow should not be considered substitutes for cash provided by operating activities or other balance sheet or cash flow statement
data prepared in accordance with GAAP or as a measure of financial position or liquidity. In addition, the calculation of free cash flow
does not reflect cash used to service debt and thus, does not reflect funds available for investment or other discretionary uses.
EBITDA should not be considered an alternative to operating income as an indicator of operating performance or to cash flows as a
measure of liquidity. These non-GAAP financial measures, as determined and presented by the Company, may not be comparable to
related or similarly titled measures reported by other companies.
Set forth on the following slides are reconciliations of these non-GAAP financial measures, if applicable, to the most directly
comparable financial measures calculated and presented in accordance with GAAP.
In addition, financial data may be provided on a “trailing twelve month basis,” which equates to the sum of the measure in question
for the four most recent quarters.
26

27. Non-GAAP Financial Information
Income Statement Special Items Walk 1Q 2009
Before
LVS Separation Income Tax
GAAP Special Items
Restructuring Impairments Costs Charges
Q1 2009 Q1 2009
(in millions)
Sales $ 1,370 $ -$ -$ -$ -$ 1,370
Gross Margin 73 - - - - 73
Operating Income (Loss) (338) 26 279 6 - (27)
Loss From Continuing Operations (991) 26 238 6 665 (56)
DILUTED EARNINGS (LOSS) PER SHARE
Continuing Operations $ (13.71) $ 0.36 $ 3.29 $ 0.08 $ 9.21 $ (0.77)
EBITDA
Commercial Vehicle Systems $ 36 $ 8$ 8$ -$ -$ 52
Light Vehicle Systems (308) 15 252 - - (41)
Segment EBITDA (272) 23 260 - - 11
(16) 3 6 6 - (1)
Unallocated Corporate Costs
$ (288) $ 26 $ 266 $ 6$ -$ 10
Total EBITDA
27

28. Non-GAAP Financial Information
Income Statement Special Items Walk 1Q 2008
Before
Income
GAAP Special Items
Restructuring Taxes
Q1 2008 Q1 2008
(in millions)
Sales $ 1,663 $ - $ - $ 1,663
Gross Margin 130 - - 130
Operating Income 28 10 - 38
Income (Loss) From Continuing Operations (1) 6 1 6
DILUTED EARNINGS (LOSS) PER SHARE
Continuing Operations $ (0.01) $ 0.08 $ 0.01 $ 0.08
EBITDA
Commercial Vehicle Systems $ 71 $ - $ - $ 71
Light Vehicle Systems 2 10 - 12
Segment EBITDA 73 10 - 83
(1) - - (1)
Unallocated Corporate Costs
$ 72 $ 10 $ - $ 82
Total EBITDA
28

29. Non-GAAP Financial Information
EBITDA Reconciliation
Three Months Ended
December 31,
2008 2007
$ 10 $ 82
Total EBITDA - Before Special Items
(266) -
Asset Impairment Charges, (1)
(26) (10)
Restructuring Costs
(6) -
LVS Separation Costs
Loss on Sale of Receivables (4) (4)
Depreciation and Amortization (32) (32)
Interest Expense, Net and other (22) (27)
Provision for Income Taxes (645) (10)
Loss From Continuing Operations $ (991) $ (1)
(1) Net of minority interests.
29

30. Non-GAAP Financial Information
Free Cash Flow
(in millions) Three Months Ended
December 31,
2008 2007
Cash flows used for continuing operations $ (337) $ (267)
Cash flows used for discontinued operations (1) (4)
(48) (34)
Cash expenditures
Free cash flow - full company $ (386) $ (305)
30